How do you describe the demand to your family?
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DEMAND
The desire of a consumer to acquire a specific commodity or service is referred to as demand. The desire for a certain item in the market is referred to as market demand. Consumer spending is the entire supply of goods and services inside the economy. The price of a commodity or service is determined by the match of demand and supply. Recognizing the notion of demand.
PROPER WAY OF EXPLAINING DEMAND
Main concept: The quantity of anything is referred to as its supply. Demand is the amount of people that desire it. Prices fall when there is more supply than demand. Prices rise when there is more demand than supply.
EXAMPLES
For example, if a customer is hungry and purchases a slice of pie.the first piece will provide the most value or utility. Each extra slice increases customer satisfaction while decreasing utility.
DEMAND AND SUPPLY
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